9th Oct 2014 08:36
LONDON (Alliance News) - SacOil Holdings Ltd, the independent African oil and gas company, Thursday said its seismic acquisition in Nigeria will be finished by the end of the calendar year, with the results ready at the beginning of 2015.
At its OPL 233 and OPL 281 sites in Nigeria, SacOil said it expects its seismic acquisition - the generation and recording of seismic data, which is being conducted by Verity Geosolutions Ltd - to be completed by the end of 2014, with the final results to be completed in the first quarter of 2015.
Its Block 1 asset in Malawi, in which it has a 100% interest, is undergoing an Environmental Social Impact Assessment, due to be completed in the second quarter of 2015, when exploration at the site will continue. The assessment looks at the impact the asset will have on the local area, SacOil said.
In Botswana, the company has completed a satellite imagery study over three wholly-owned areas, which will be used to identify areas of focus for the company. Satellite imagery is used for infrastructure planning and environmental impact studies alongside identifying targets.
SacOil shares were down 2.6% to 2.80 pence per share Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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